San Francisco, Oct 22 The
global advanced
composites market size is expected to reach USD 41.20 billion by
2024, according to a new report by Grand View Research, Inc. The industry is
anticipated to grow, primarily on account of superior benefits such as reduced
weight, fuel efficiency and higher strength offered by the materials.
Rising
demand for specialty products that comply with U.S. Leadership in Energy and
Environmental design (LEED) standards is expected to propel the demand in
construction segment Technological innovations aimed at the development of
cost-effective manufacturing processes are expected to drive demand.
The
market for advanced composites is characterized by the presence of a large
number of regulations. The production process of composite materials is heavily
regulated on account of critical nature of their usage. In addition, the usage
of such materials is also subject to various regulations related to the
strength and performance characteristics, which is likely to affect the growth.
Increasing
adoption of composites by the automotive industry coupled with reduced raw
material prices, is projected to drive the industry growth over the forecast
period. Manufacturing companies are shifting their focus towards the developing
economies in regions such as Asia Pacific and Central & South America
(CSA), on account superior economies of scale.
Browse full research report on Advanced Composites Market:
www.grandviewresearch.com/industry-analysis/advanced-composites-market
Further key findings from the report suggest:
- Carbon is
expected to be the fastest-growing segment, in terms of volume,
registering a CAGR of 11.9% from 2015 to 2024 owing to its extensive usage
in the production of aircraft components such as wings, fuselage, cockpit,
and tail surfaces.
- The use of
s-glass based composites in the construction industry is expected to reach
a market revenue of USD 2.52 billion by 2024 on account of the superior
stress resistance of the product coupled with longer operational lifetime
- The use of
aramid fibers for aerospace and defense application is expected to
register a CAGR of 5.8% over the forecast period owing to heightened
demand for low weight, high-strength materials for aircraft production.
- Key
manufacturers operating in the industry lay extensive focus on the
production and development of high strength materials for specific
applications in a bid to increase the market share.
Browse more reports of this category
by Grand View Research: www.grandviewresearch.com/industry/specialty-glass-ceramic-and-fiber
Grand
View Research has segmented the advanced composites market on the basis of
product, application and region.
Advanced
Composites Product Outlook (Volume, Kilotons; Revenue, USD Million;
2013 - 2024)
- Aramid
- Carbon
- Glass
Advanced
Composites Application Outlook (Volume, Kilotons; Revenue, USD Million;
2013 - 2024)
- Aramid
- Aerospace
& Defense
- Automotive
- Construction
- Marine
- Carbon
- Aerospace
& Defense
- Automotive
- Construction
- Marine
- Pipes &
tanks
- Sporting
Goods
- Wind Energy
- Glass
- Aerospace
& Defense
- Automotive
- Construction
- Marine
- Pipes &
Tanks
- Sporting
Goods
- Wind Energy
Regional
Outlook (Volume, Kilotons; Revenue, USD Million; 2013 - 2024)
- North America
- U.S.
- Europe
- Germany
- The UK
- Asia Pacific
- China
- India
- Japan
- Central &
South America
- Brazil
- Middle East
& Africa
Browse press release of this report
by Grand View Research: www.grandviewresearch.com/press-release/global-advanced-composites-market
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco.
The company provides syndicated research reports, customized research
reports, and consulting services. To help clients make informed business
decisions, we offer market intelligence studies ensuring relevant and
fact-based research across a range of industries, from technology to chemicals,
materials and healthcare.
For more information:
www.grandviewresearch.com
No comments:
Post a Comment